panda
Posts: 50
Likes: 17
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Post by panda on Aug 29, 2017 16:09:47 GMT
As a comparative newby on TMP I would appreciate the following:
Could there be some visibility of the loan queues, watching paint dry would be much more enjoyable if you could see your progress in the queue.
Sorting the loan page, although not a problem to me yet, it would be nice to be able to reorganise by date and status, at least.
I would like a bit more information on how the queue works. Such as if your loan is unfunded for a while do you keep queue position? If you match in one queue do you keep queue position in other queues? ie, are all queues separate or linked by loan amount or overall? Once at the front do you go to the back if you get a match, or if you still have funds do you stay at the front? (These would all become obvious if you could see your queue position.)
Some information on progress on late loans, (could be accessed by the late status maybe).
I can see the website is quite basic so asking for significant changes to that might be optimistic, but adding more info should be comparatively easy. Queue positions must be available to match loans.
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shimself
Member of DD Central
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Post by shimself on Jan 23, 2018 0:25:44 GMT
Not open to lenders outside UK. Unusual in this day and age - why?
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Post by WestonKevTMP on Jan 26, 2018 20:26:42 GMT
Not open to lenders outside UK. Unusual in this day and age - why? I'm afraid the old adage of "Pecunia non olet" doesn't apply nowadays, we have to KYC the lender and validate source of founds, both inward and outward. I can't go I to detail on how we do this, I wouldn't want those money laundering villains to gain any insight. However the credit reference agencies play a big part of this, and they only provide information on UK residents. We accept non UK nationals, but they must be UK resident and have a UK based bank account. We could implement a paper based process, but it would be laborious and subject to increased regulatory scrutiny, and easier to cause fraud (paperwork is easy to fake) Kevin.
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shimself
Member of DD Central
Posts: 2,560
Likes: 1,169
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Post by shimself on Jan 27, 2018 20:08:30 GMT
Not open to lenders outside UK. Unusual in this day and age - why? I'm afraid the old adage of "Pecunia non olet" doesn't apply nowadays, we have to KYC the lender and validate source of founds, both inward and outward. I can't go I to detail on how we do this, I wouldn't want those money laundering villains to gain any insight. However the credit reference agencies play a big part of this, and they only provide information on UK residents. We accept non UK nationals, but they must be UK resident and have a UK based bank account. We could implement a paper based process, but it would be laborious and subject to increased regulatory scrutiny, and easier to cause fraud (paperwork is easy to fake) Kevin. Well I hear what you say, but it seems strange that most of your competitors (practically all) manage to do identity quite straightforwardly. I think, for example, that Equifax will vouch for my existence electronically. Oh well
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Post by WestonKevTMP on Jan 29, 2018 22:16:36 GMT
We accept non UK nationals, but they must be UK resident and have a UK based bank account. Kevin. Well I hear what you say, but it seems strange that most of your competitors (practically all) manage to do identity quite straightforwardly. I think, for example, that Equifax will vouch for my existence electronically. Oh well Equifax UK will not identify you unless you are on the electoral roll, have banking current account, utilities or have credit such as loans/cards in the UK. None of the UK based credit reference agencies can provide KYC or AML services if you only have overseas accounts and residency. Kevin.
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shimself
Member of DD Central
Posts: 2,560
Likes: 1,169
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Post by shimself on Jan 29, 2018 22:18:38 GMT
Well I hear what you say, but it seems strange that most of your competitors (practically all) manage to do identity quite straightforwardly. I think, for example, that Equifax will vouch for my existence electronically. Oh well Equifax UK will not identify you unless you are on the electoral roll, have banking current account, utilities or have credit such as loans/cards in the UK. None of the UK based credit reference agencies can provide KYC or AML services if you only have overseas accounts and residency. Kevin. I'll PM you
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Post by WestonKevTMP on Jan 30, 2018 9:04:26 GMT
Yes, thank you.
As you said, data does stay at the address for a number of years. And often having some accounts at an address can give the impression of residence, even if that isn't physically true.
And yes I'm sure that Equifax can provide international bureaux responses, they are a global company after all. And that might make sense for some platforms to use if the amounts involved are big enough, as the costs will certainly be higher. And based on average lender and borrower values at The Money Platform it wouldn't be economical.
As myself and other forumites have said, The Money Platform is a higher risk potential higher return P2P platform, and one in its purest state with neither fractionalisation nor a provision fund. The "rollercoaster of P2P", so it should always be considered a small alternative to primary investments. Money you can afford to lose, because unfortunately there is a distribution of returns, and luck will play a part in this.
Kevin.
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